Ahmedabad: What began as a promise of handsome returns through stock market investments ended in a Rs 1.54-crore cyberfraud — and the unmasking of a network that linked a diamond worker and a bank manager. The city cybercrime branch arrested five people in connection with the fraud, registered under sections of the Bharatiya Nyaya Sanhita and the IT Act. Investigators said the case was “part of a larger scam run by Chinese entitites” that targeted senior citizens across India through WhatsApp and Telegram groups. The complainant was allegedly lured between Dec 15, 2025, and Feb 4, 2026, through a WhatsApp group named “91 Barclays-Stock Market Pioneer”. Fraudsters circulated a suspicious investment link and persuaded the victim to invest in shares and IPOs via a fake application that promised unusually high returns.
Over several weeks, the victim transferred Rs 1.54 crore in multiple tranches to different bank accounts. The money was never returned.Cybercrime officials traced the fund trail using technical analysis and human intelligence. The probe revealed a layered operation involving mule accounts, bank insiders and a gold conversion route to launder proceeds.Among those arrested were two bank officials — a branch manager with a master’s degree in mass communication and journalism, and another officer with a commerce background — who allegedly helped alter registered mobile numbers and email IDs in accounts without the knowledge of account holders. This facilitated net banking access and conversion of fraudulent deposits into sweep fixed deposits. Funds were then routed via payment gateways to buy gold from a prominent jewellery showroom in the city and handed over to the masterminds, who are at large.Investigators said those arrested include a diamond worker and daily wage earners who allowed their accounts to be used for commissions. In all, 414 complaints linked to mule accounts from bank branches in Chandkheda and New Chandkheda surfaced on the national cybercrime portal.Seven mobile phones, one laptop, cheque books, ATM cards and bank documents worth Rs 1.07 lakh were seized. Police said further arrests were likely as the masterminds remained on the run.
